Steak And Beer Prices Going Up

Joe Weisenthal

Aug. 26, 2009, 7:29 AM

Now this kind of inflation is really going to make people angry.

LA Times: The nation's two largest beer sellers said Tuesday that they planned to raise prices, although they provided few specifics. "We feel like we will take a moderate price increase on our portfolio," said Peter Marino, spokesman for Chicago-based MillerCoors, maker of Miller Lite, Coors Light and Blue Moon. He blamed higher costs for the price hike. Like other food manufacturers, brewers have been hit by commodity price increases in recent years, but have not been as aggressive about raising prices, analysts said. Traditionally they raise prices in the fall.

Anheuser-Busch said the same thing. (Where are the anti-trust cops on this one? They're making the announcement on the same day!)

Meanwhile, according to Beef Magazine, cattle prices are expected to head up, too, which will translate to more expensive steak.

Finally, all this money printing is going to hit consumers where it hurts.